Icahn bows out of battle for control of Dell

Activist investor Carl Icahn said on Monday he was bowing out of efforts to block founder Michael Dell's proposed buyout of Dell's, determining "it would be almost impossible to win."

In a letter to shareholders, Icahn cited a change in the record date for stockholders allowed to vote on the proposed takeover by Dell and private equity firm Silver Lake, as well as a ruling that the gap period between the Sept. 12 meeting and the annual meeting was legal.

If the board had allowed the annual meeting to proceed at the same time as the rescheduled special meeting, Icahn argued Michael Dell and Silver Lake would have been under more pressure to increase their bid.